J.P. Morgan Asset Management - The Weekly Brief

31.07.2023 11:52 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Der vorläufige Gesamt-Einkaufsmanagerindex (EMI) für die Eurozone bewegte sich im Juli weiter in den kontraktiven Bereich und verzeichnete mit 48,9 den niedrigsten Stand seit acht Monaten. Während das verarbeitende Gewerbe weiterhin die Hauptursache der Schwäche ist, scheint auch der Dienstleistungssektor an Schwung zu verlieren: Er wuchs so langsam wie seit Januar nicht mehr. Zudem deutet die Verschlechterung zukunftsgerichteter Komponenten wie des Neugeschäftsindex darauf hin, dass bald auch der Dienstleistungssektor die gesamtwirtschaftliche Aktivität belasten könnte. Trotz dieser eingetrübten Wachstumsaussichten hob die Europäische Zentralbank (EZB) die Zinsen letzte Woche um 25 Basispunkte an. Auf der Sitzung im September dürfte eine Kombination aus schwächerem Wachstum und nachlassendem Preisdruck jedoch dazu führen, dass die EZB ihre Entscheidung deutlich feiner austariert.

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